6 Aug 2015
EUR/USD firmer above 1.0900
FXStreet (Mumbai) - The single currency extends its gradual ascent versus the US dollar in the early European trades, pushing EUR/USD further beyond 1.09 handle. The major keeps its upbeat momentum intact as the greenback broadly edged lower on a corrective slide following solid gains seen in the last US session.
EUR/USD supported at 1.0901
The EUR/USD pair trades 0.11% higher at 1.0917, attempting a bounce to highs near 1.0929 reached in early Asia. The EUR/USD pair appears to regain momentum and remains better bid amid broad based US dollar retreat as traders resorted to locking-in gains on their USD longs after the buck reached fresh four-month highs against its major peers.
On Wednesday, the pair experienced a sharp shift in the intraday trading course as the US services sector performed powerfully in July, boosting the USD bulls.
First, Markit's services PMI grew more than expected to 55.7 points, rising from June's 54.8, followed by ISM non-manufacturing PMI reading which also surprised markets on the upside.
Meanwhile, markets now turn their attention towards German factory orders and US weekly jobless claims due for release later today for further incentives.
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EUR/USD Technical Levels
The pair has an immediate resistance at 1.0938 (Aug 5 High) levels, above which gains could be extended to 1.0990 (Aug 4 High) levels. On the flip side, support is seen at 1.0901 (Today’s Low) below which it could extend losses to 1.0876 (Aug 4 Low).
EUR/USD supported at 1.0901
The EUR/USD pair trades 0.11% higher at 1.0917, attempting a bounce to highs near 1.0929 reached in early Asia. The EUR/USD pair appears to regain momentum and remains better bid amid broad based US dollar retreat as traders resorted to locking-in gains on their USD longs after the buck reached fresh four-month highs against its major peers.
On Wednesday, the pair experienced a sharp shift in the intraday trading course as the US services sector performed powerfully in July, boosting the USD bulls.
First, Markit's services PMI grew more than expected to 55.7 points, rising from June's 54.8, followed by ISM non-manufacturing PMI reading which also surprised markets on the upside.
Meanwhile, markets now turn their attention towards German factory orders and US weekly jobless claims due for release later today for further incentives.
Register to the live coverage and trade the NonFarm Payrolls with Bednarik, Pinkert and Elam. We are Forex!
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0938 (Aug 5 High) levels, above which gains could be extended to 1.0990 (Aug 4 High) levels. On the flip side, support is seen at 1.0901 (Today’s Low) below which it could extend losses to 1.0876 (Aug 4 Low).